Forex Tips: Online Broker Reviews Suck

Trading tips

Have you ever submitted a review to get a Forex broker, site or product?

There are loads of Forex review internet sites on the market which allow every user to find reviews. By the large boys such as ForexPeaceArmy.com into Small men including ReviewPips.com and ForexReviews.com. These review internet sites is quite useful in regards to purchasing Forex solutions. But in the event you’re trying to find broker reviews these websites are worse than futile!

It really isn’t the internet sites error, for the large part the review internet sites themselves are un biased. But a number of the users that leave reviews are just idiots.

We all know that the Forex store is high in those who not create it. And now most of us know how it belongs:

  • They start a account.
  • They dismiss all their own money.

And , rather than taking authority for his or her losses (a lot of times that it ‘s their own fault) they attribute their broker. For whatever comprehension that they believe their broker is indeed interested in concealing their 100 accounts they were designated for prevent hunting. This is actually a silly belief once you consider the significant boy brokers make tens of thousands of thousands of thousands each year.

forex broker scam

Do you believe they really take care of ripping off miniature accounts?

Trust me that the brokers understand chances. They understand most newcomer traders are totally capable of blowing off their particular accounts. The broker doesn’t need to do everything but give them the opportunity to trade. The newbies take care of the rest, taking dumb trades and losing money is what newbies do (when I was a newbie I blew my before all else two accounts in a few weeks).

When these newbies blow their accounts what do they do?

  1. They run to a Forex review site.
  2. They write a review about how they got ripped off by their broker.
  3. They give the broker a very low rating.

So instead of taking authority for their own screw-ups they blame their broker for them. This absolutely sucks for the brokers themselves. They have done nothing but offer the opportunity to trade and they obtain reamed by newbie’s for it. It also sucks for other newbie’s looking for a broker. All you can find online is biased reviews from clueless newbie’s.

The whole concept of Forex broker review sites is flawed. Some awesome brokers like GFT Forex (My fav broker) and MB Trading (another fav of mine) have 3 stars on ForexPeaceArmy.
That is ridiculous!
I have used both those brokers for years and I have rarely if ever had a problem. When I do have issues the support staff are very helpful. For example, MB trading once even handed me the money back for a trade that I took. Their cost feed had a problem that day and it went higher than it was meant to go. I entered a trade based on a spike that didn’t really transpire. The trade wound up losing. I ended up and so they apologized profusely and gave me all my losses.

With reviews what goes on is really a lot of beginners register with a great broker. During their mistakes that they lose their own money. Then in the place of accepting authority they leave unwanted reviews concerning the brokers operation.

One of the very frequently used accusations discriminated against brokers is slippage throughout exceptionally volatile span. Well yeh…. If you jump into a trade the 2nd NFP is published don’t be surprised if you’re slipped 30 pips. It is the nature of trading, you do not obtain perfect fills when the store is jumping up 20 pips per second. If you’re silly enough to take trades in highly volatile periods expect to be slipped.

What this all boils down to is that review websites are useless when it comes to broker reviews. The majority of reviews are submitted by clueless newbie’s who blame their broker for their own screw ups. I you’re looking for a broker to trade with ask a professional trader for advice. Professional traders have been around long enough and know their stuff. For example here is my short list of good brokers:

  1. GFT Forex (awesome charts, great customer support and great to trade with).
  2. MBTrading – If you want an ECN instead of a store maker MBTrading is the best out there for smaller accounts.
  3. ODL – If you cannot live without the MT4 platform give ODL a shot they’re a great broker.
  4. Dukascopy – If you want a ECN and you have the minimum $10k account size requirement Dukascopy is one of the best ECN’s out there. With a $10k purchase in though it is not for everybody.

I have traded with all these brokers and I personally recommend them all.

However, according to the reviewers on ForexPeaceArmy.com

  1. GFT has 3 stars.
  2. MBTrading also has 3 stars.
  3. ODL has a measly 2 stars.

And surprise surprise!

  1. Dukascopy has 4 stars!

Does that mean Dukascopy are better than GFT and MBTrading…. No! I believe that Dukascopy has a higher rating for another comprehension. You see, until recently Dukascopy only allowed traders with $50k capital to open accounts. That means that Dukascopy limited its clientele to professional traders (not many newbie’s have $50k). Professional traders leave real reviews because they know what they’re talking about. Therefore Dukascopy has 4 stars. Just goes to show how little cry baby newbie’s screw up review systems.

So guys, my tip of the week…. Take Forex broker reviews with a grain of salt. Newbies have no clue how to trade so they have no right to jump up on their soap box and tell the world if a broker is good or not.

EDIT: I should add that if the scam is very obvious then yes newbies should warn others. What I mean is if it is a simple case of losing pips on a bad trade 95% of times the newbie is at fault not the broker. I was a newbie once too and I always blamed my broker. I thought they had it in for me…. however, I was the one making all the mistakes.